The long awaited Wage Revision ....of Banks ......and consequently........our Family Pension............

The long awaited wage revision for employees of banks w.e.f 2017 appears to have been cleared at last with the signing of an MOU between IBA and employees'  organisations on 22/7. 

While some of the major apex bodies of employees have been parties to the MOU one major outfit had REPORTEDLY abstained from signing.

Still it is hoped that the matter will go through as the govt would not like to prolong the matter and retard anymore of the role of the banking sector in their plans of lifting the economy which is perceivably sagging after the advent of covid 19 and the consequential prolonged lockdowns.

One of the accepted items which is of interest to the pensioners is the one relating to family pension.It is claimed that FP will be 30% of last drawn pay without ceiling.

Some of the leaders of Insurance Pensioners' organisations have also already hailed the offer.

It will however be pertinent to know that the dissenting apex body insisted on this commitment on FP being made a part of the MoU but the IBA brushed it aside.

It is therefore necessary to wait for the actual notification based on the MOU.

Moreover even in regard to the other terms bank employees should ensure that the quantum and calculations of arrears are not tinkered with while the matter is notified. 

In this context one thing is clear that once the bank settlement is notified and implemented within the agreed period 90 days,a similar exercise on wage revision for LIC employees can be expected to follow. 

As I have been repeatedly expressing no improvement or concessions on LIC pensioners can  be expected until wage revision for LIC employees is also effected.

Perhaps we may have to wait till the dawn of 2021.

- GM Sridharan